No 1 source of global mining news and opinion
New Canadian rules limiting foreign takeovers of mining companies will leave the nation’s biggest metals producers with lower valuations than their global peers, according to Bank of Nova Scotia’s mining analysts.
Canada will only approve foreign takeovers of large domestic mining firms with “significant” critical minerals operations “in the most exceptional of circumstances,” according to guidance issued Thursday by Industry Minister Francois-Philippe Champagne. The measure was taken to protect the country’s cache of metals that are key to the energy transition.
The new directive suggests that large Canadian-headquartered companies including Cameco Corp., Teck Resources Ltd., Ivanhoe Mines Ltd. and Lundin Mining Corp. “are now off-limits to potential foreign buyers,” the analysts wrote. Other companies named were First Quantum Minerals Ltd., Hudbay Minerals Inc., Capstone Copper Corp. and Ero Copper Corp.
The S&P/TSX Materials Index, which includes metals producers, fell 1.1% Monday, with most of the companies named by Scotiabank’s analysts leading the decline. “This is clearly designed to prevent the same fate experienced by the last generation of large Canadian miners, namely Alcan, Falconbridge-Noranda, and Inco,” they wrote, referring to the flurry of foreign takeovers 18 years ago that took out some of Canada’s biggest metals producers of the day.Chilean Cobalt will supply Glencore with 100% of the cobalt and copper production from La Cobaltera for an initial period of five years.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shark Tracker Shows Locations Around US in Wake of AttacksA 13-foot great white was tracked off the coast of Florida, while two other great whites were tracked near Nova Scotia.
Read more »
Assistant who David Beckham 'cheated' with allegedly found him in bed with another woman: book“I thought I was the only one,” David Beckham’s assistant allegedly said upon finding him with model Esther Cañadas, according to the book “The House of Beckham.”
Read more »
Bryce Harper hurts hamstring on final play of loss in Phillies nightmare: 'It hurts'Guillem Gonzalez-Lomas, MD, from NYU Langone Sports Medicine Center, joins New York Post Sports anchor Brandon London to discuss the back injury that’s had New York Liberty center Nyara Sabally listed as ‘day-to-day’ on the team’s injury report since June 2nd.
Read more »
Supreme Court keeps hold on state laws that limit social media censorshipRooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.
Read more »
Report: Smokeable hemp sold in San Antonio, other Texas cities tests over legal THC limitTexans may get more than they bargain for when they buy what's marketed as legal hemp products at smoke shops and dispensaries around the state, according to a new Texas Monthly investigation.
Read more »
Experts say latest SCOTUS opinions will limit SEC power over cryptoThe United States Supreme Court released two opinions on June 27 and June 28 that could affect how federal agencies exercise their enforcement powers.
Read more »